Leading European discount carrier Ryanair, which is known for offering cheap flights to its customers, has indicated that it is seeking to significantly enhance its current share of the European short-haul market.

Media reports quoted a top official of Ryanair as saying that the airline is planning to more than double its share of the European short-haul market to 20 percent in the next five years. The airline is upbeat at the current outcome and posted a record annual profit of $736 million (569 million Euro), brushing off higher fuel costs.

Ryanair presently has nearly 12 percent of Europe’s short-haul traffic, but wants to increase it to 20 percent in the next five years. The airline is bracing to give tough times to legacy carriers like British Airways, Lufthansa and Iberia Airline by making dent into their customer base.

According to media reports, Ryanair has said that it wants to boost its passenger traffic and grow it by more than 50 million passengers a year by 2018.